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Joy
Thu, September 19, 2024 at 07:38
Joy
Hey Annie!
Have you heard the latest about Helium?
It's been quite a rollercoaster lately!π’
Annie
No, I haven't.
What's going on with Helium?π€
Joy
Well, after weeks of bullish trends, Helium (HNT) has taken a nosedive, dropping nearly 16% since last week.π
Annie
Oh no, that's quite a drop!
Why did it happen?π
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Joy
It seems the upcoming Helium v3 network upgrade has stirred up some controversy in the community.
The proposal includes a new economic model and changes to the token supply.π‘
Annie
Interesting.
What kind of changes are we talking about?π€¨
Joy
For starters, they're planning a one-time mint of 5 million HNT for HST redemption, which will be redeemable after a year.
Plus, they're adjusting emissions to emit 10 million HNT annually.πͺ
Annie
That sounds like a lot of new tokens.
How's the community reacting to this?π¬
Joy
Not well, to be honest.
Some members are calling it a 'slow rug' and are worried about the inflationary measures.
One user even said the max supply should be fixed forever at 230 million.π
Annie
Wow, that's some strong criticism.
So, what's the current max supply and how much will it increase?π€
Joy
Currently, the max supply is 223 million, but if the proposal goes through, it'll jump to 238 million.
That's nearly a 7% increase.π
Annie
I see.
So, how's this affecting HNT's market performance in the short term?π
Joy
Well, the sentiment has flipped from bullish to bearish.
Bears are targeting $6.1 in the short term, and if they succeed, we might see prices return to mid-August levels.π
Annie
That's quite a shift.
Do you think this is a bad sign for the market overall?π
Joy
Yeah, it's definitely a bad sign.
The bearish pressure could continue, especially if the community remains divided over the proposal.
Investors might want to be cautious.π
Annie
Thanks for the insight, Joy.
I'll keep an eye on Helium.π
Joy
No problem, Annie!
Always here to keep you updated.π
To sum up, this article is considered a π±Bearish for investors!!